PPI Claim News

Bank charges: Energy bills increase twofold since 2005

British households increasingly have to spend greater proportions of their income on energy bills, with new research revealing they have doubled since 2005.

A study by Saga has found that the average bill for over 65s in the past year was £1355.90, up from £668.98 in 2005, leaving these pensioners out of pocket and unable to afford other outgoings, such as bank charges and food.

Energy price hikes prove to be even more of a risk for older age groups, particularly if they cut back on heating to save money, which can lead to health problems.

More than half (58 per cent) of those surveyed by Saga said they were worried about the cost of heating their home, with some seven million (35 per cent) already facing difficulty with their bills.

"While incomes have increased in the last seven years, they have not kept pace with the rate that energy and fuel costs have risen, meaning that people are spending more of their income on fuel," said Dr Ros Altmann, director-general of Saga.

"This is especially true for older people who are often on lump or fixed incomes or whose savings income has fallen."

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.

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